Profit-Loss

One trader calculates the percentage of profit on the buying price and another calculates on the selling price. When their selling prices are the same, then the difference of their actual profits is Rs. 85 and both claim to have made 20% profit. What is the selling price of each?

Rs. 1700

Rs. 2100

Rs. 2550

Rs. 2750

Show Answer

Correct Answer is: Rs. 2550

Explanation:

Case1: Let CP1 = 100x

Profit = 20%

SP1 = 100x + 20% of 100x = 100x + 20x = 120x

Profit1 = 120x – 100x = 20x

Case2: According to Question: SP1 = SP2

SP2 = 120x

CP2 = SP2 – 20% of SP2

CP2 = 120x – 20% of 120x = 120x – 24x = 96x

Profit2 = 120x – 94x = 24x

Difference between Profits = 85

24x – 20x = 85

4x = 85 => x = 85/4

SP1 = SP2 = 120x = 120 x 85/4 = Rs 2550

A businessman sells a commodity at 10% profit. If he had bought it at 10% less and sold it for Rs. 2 less, then he would have gained 16 2/3%. The cost price of the commodity is….

Rs.32

Rs.88.36

Rs.40

Rs.48

Show Answer

Correct Answer is: Rs.40

Explanation:

Case1: Let CP = Rs 100x, Profit = 10%

=> SP = 100x + 10% of 100x = 100x + 10x = Rs 110x

Case 2: CP = Rs 100x – 10% of 100x = 100x – 10x = Rs 90x

SP = 110x – 2

Profit% = 50/3%

50/3 = {(110x – 2 – 90x)/90x} x 100

1/6 x 90x = 20x – 2

15x = 20x – 2 => x = 2/5

CP = 100x = 100 x 2/5 = Rs 40

A retailer purchases a grinder at a discount of 15% and sells it for Rs 1955 at a profit of 15%. The amount of discount received by the retailer from the wholesaler was….

Rs 270

Rs 290

Rs 300

Rs 330

Show Answer

Correct Answer is: Rs 300

Explanation:

Profit% = 15%, SP = 1955, Let CP = C

15 = (1955 – C)/C x 100

15C = 1955 x 100 – 100C => 115a = 1955 x 100

C = 1700 => CP = 1700 = MP – 15% of MP

1700 = 85/100 MP

MP = (1700 x 100)/85 = 2000

Discount = 15% of 2000 = Rs 300

An article is sold at a discount of 20% and an additional discount of 30% is allowed on cash payment. If Vidya purchased the article by paying Rs 2240 in cash, the marked price of the article was….

Rs 4000

Rs 4368

Rs 4400

Rs 4480

Show Answer

Correct Answer is: Rs 4000

Explanation:

Let Marked Price = M

SP = MP * 80/100 * 70/100

2240 = M x 80/100 x 70/100

M = (2240 x 100 x 100)/(80 x 70) = 4000

MP = Rs 4000

A manufacturer marked an article at Rs. 50 and sold it allowing 20% discount. If his profit was 25%, then the cost price of the article was….

Rs. 40

Rs. 35

Rs. 32

Rs. 30

Show Answer

Correct Answer is: Rs. 32

Explanation:

SP = 50 – 20% of 50 = 50 – 10 = Rs 40

Profit % = 25%

Profit % = (SP-CP)/CP * 100

25% = (40 – CP)/CP x 100

CP = Rs 32

If the ratio of cost price and selling price of an article be as 10 : 11, the percentage of profit is….

8

10

11

15

Show Answer

Correct Answer is: 10

Explanation:

SP/CP = 11/10 => SP/CP -1 = 11/10 -1

Profit % = (SP-CP)/CP * 100 = (11 – 10)/10 x 100 = 10%

A discount of 30% on the marked price of a toy reduces its selling price by Rs. 30. What is the new selling price (in Rs.)?

70

21

130

100

Show Answer

Correct Answer is: 70

Explanation:

30% of MP= Rs. 30 => 100% of MP= Rs. 100

New SP = MP – 30% of MP = 100 – 30 = Rs 70

‘A’ sells an article to ‘B’ at a profit of 20% and ‘B’ sells it to ‘C’ at a profit of 25%. If ‘C’ pays Rs. 1,200, the cost price of the article originally (in Rs.) is….

700

600

1,000

800

Show Answer

Correct Answer is: 800

Explanation:

Let the CP = 100x

SP to B by A = 100x + 20% of 100x = 100x + 20x=120x

SP to C by B= 120x + 25% of 120x = 120x + 30x =150x

According to Question 150x = 1200

X = 1200/150 = 8

Original Cost Price = 100x = 100 x 8 = Rs 800

Nisha bought a number of oranges at 2 for a rupee and an equal number at 3 for a rupee. To make a profit of 20% she should sell a dozen for….

Rs. 6

Rs. 8

Rs. 10

Rs. 12

Show Answer

Correct Answer is: Rs. 6

Explanation:

CASE 1: Suppose Nisha bought 6 oranges at 2 for a Rupee

=> Total amount spent on 6 oranges = Rs 3

CASE 2: She again bought 6 oranges at 3 for a Rupee

Total amount spent on 6 oranges = Rs 2

Combining Case 1 & 2:

Total amount spent by Nisha on 12 oranges = Rs 3 + Rs 2 = Rs 5

Profit = 20% of 5 = 1

Selling Price should be Rs 5 + 1 = Rs 6

The marked price of a radio is Rs. 480. The shopkeeper allows a discount at 10% and gains 8%. If no discount is allowed, his gain percent would be….